New York Commission suggests major tax overhaul

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In its final report, issued on November 11, 2013, New York Governor Andrew Cuomo’s Tax Reform and Fairness Commission made several recommendations to reform the state’s tax provisions. Noting that “New York’s taxes are still too high and its tax code too complex, placing undue burdens on individuals and business,” the Commission proposed that the State: reform its corporate franchise tax and bank franchise tax, including merging the two taxes and requiring mandatory combined reporting; modernizing the sales tax; modifying the estate tax; updating local property tax administration; and simplifying tax administration.